Closing Unit Bank Accounts

Forms: Account Closing Form

Frequently asked questions

Will the Treasurer have access to the unit bank account after the unit is closed?

No, the Unit Treasurer will no longer have access to the unit account once the unit has been closed. Please ensure that all expenses and deposits have been made and complete the Online Year-End Reconciliation (Checklist).

If my unit closes this year but re-opens next year, will the unit still have access to the funds remaining at the time it closed?

Yes. The funds are held in trust for two years. If the unit reopens within the two-year time-frame, it receives the funds that it had at the time of closing. If the unit had less than $200, the account will be topped up to $200. If the unit does not reopen within two years, the funds are placed into a central account that helps support other new units.
11/16/2019 5:08:16 PM